Obama’s IRS nominee John Koskinen reports net worth as much as $27 million
By: Lauren French
September 9, 2013 01:35 PM EST

President Barack Obama’s nominee to lead the IRS has a net worth between $7.1 million and $27.4 million, according to financial disclosure reports released by the Office of Government Ethics.

John Koskinen, the former non-executive chairman for Freddie Mac, said in a disclosure letter that he would resign his position as a member of the board of directors for AES Corp. and American Capital, Ltd. if he’s confirmed.

Most of his wealth stems from dividends. He pledged to sell his stock holdings to avoid conflicts of interest if he takes control of the tax collection agency.

“In an abundance of caution in order to avoid potential conflicts of interest, I will divest the stock that I hold through my Wells Fargo managed account,” Koskinen wrote.

The majority of Koskinen’s income is from dividends or capital gains for holdings between $1,001 and $15,000 with companies such as Amazon, CitiGroup and Delphi Financial.

A Wells Fargo brokerage cash account is valued between $100,001 and $250,000.

The wide range of Koskinen’s income comes from the federal law requiring nominees to report their holdings only in broad income categories. The financial disclosure report lists no major liabilities or transactions for 2012 and 2013.

Koskinen also pledged to resign from the Duke University Athletics Leadership Board and from the board of Soccer 94 — a nonprofit grant organization — if confirmed.

The Senate Finance Committee told POLITICO last week it had begun its vetting process for Koskinen, but Chairman Max Baucus (D-Mont.) has yet to schedule a confirmation hearing.

Obama nominated Koskinen on Aug. 1. The IRS hasn’t had a permanent leader since Doug Shulman left the agency in November at the end of his term.